TIDMCZA
RNS Number : 0769E
Coal of Africa Limited
01 April 2011
ANNOUNCEMENT 1 APRIL 2011
KEY APPOINTMENTS
Appointment of Financial Director
Subsequent to the appointment of Mr John Wallington as Chief
Executive Officer in mid-June 2010, Coal of Africa Limited ("CoAL"
or the "Company"), the AIM/ASX/JSE listed coal mining and
development company operating in South Africa (ticker: CZA),
continues to implement organisational changes that will transform
it into a fully-fledged operating coal mining business.
CoAL is therefore pleased to announce that it has appointed Mr
Wayne Koonin as Financial Director, effective 1 April 2011. Mr
Koonin qualified as a Chartered Accountant (South Africa) in 1997
and holds a Bachelor of Commerce (Accounting) and a Bachelor of
Accounting (Honours) degree, both from the University of the
Witwatersrand in South Africa.
Over the past 12 years, Mr Koonin has gained extensive
international experience working in senior financial roles for
Canadian, South African, British and Swiss based exploration,
development and operating mining companies, covering a variety of
commodities, including coal. As a result, he has had exposure to
various international accounting standards, taxation and regulatory
environments, as well as responsibility for entities listed on the
JSE Limited ("JSE"), Australian Securities Exchange ("ASX"),
Financial Times Stock Exchange ("FTSE"), Alternative Investment
Market ("AIM") and National Association of Securities Dealers
Automated Quotations ("NASDAQ").
In addition to his extensive financial and management experience
on an international level, his successes include managing the
turnaround of various mining businesses, implementing various
financial and operational systems, capital raising and debt
financing exercises, multiple corporate finance transactions and a
JSE listing. Mr Koonin has most recently been the Chief Financial
Officer of Platmin Limited, a platinum mining company listed on the
Toronto Stock Exchange ("TSX"), AIM and JSE.
As part of his package, and subject to shareholder approval, Mr.
Koonin will be entitled to receive CoAL shares, as detailed in
Annexure A below.
Appointment of Managing Director of Lemur Resources Limited
To coincide with the appointment of Mr Koonin as Finance
Director, the Company's current Finance Director Mr. Blair Sergeant
has resigned, effective 1 April 2011. This follows the relocation
of his family back to Perth, Australia, after a three year
secondment to CoAL's offices in Johannesburg, South Africa.
Mr Sergeant will continue to be involved with the Company
through his appointment as Managing Director of Lemur Resources
Limited, which aims to develop a Madagascan coal asset in which
CoAL has a major shareholding. Mr Sergeant will remain on hand
until the end of April 2011 to assist with handover of
responsibilities to Mr Koonin and in order to complete certain
tasks. The Board extends its gratitude to Mr Sergeant for his
contribution over the last three years.
As part of the Company's re-organisation, Mr Simon Farrell,
Deputy Chairman, will move to a non-executive role on the CoAL
Board, with effect from 1 April 2011. Mr Farrell will now
concentrate on a co-coordinating role for the Tshipise Energy
Project (a Gas Joint Venture Project in which CoAL has a 50%
interest) and the proposed Limpopo Major Industrial Complex
Project, which is conceptually exploring the formation of an
appropriate structure between the South African Government and
industry that would drive the development of downstream
beneficiation projects relating to power, synfuel and steel
manufacture. The Company believes these projects could have
significant potential for the Limpopo Province, in particular, and
South Africa in general.
Richard Linnell
Chairman
Disclosure of Directorships under Schedule 2(g) of the AIM
Rules
There is no other information that is required to be disclosed
with regards to the above mentioned appointment pursuant to
Schedule 2 paragraph (g) of the AIM Rules, save as set out
below:
Full Name: Mr Wayne Gregory Koonin
Age: 41 years
Current Directorships Past Directorships within last
5 years
----------------------------------------- ----------------------------------
Platmin Limited and various subsidiaries Ivanhoe Nickel & Platinum Limited
in the Platmin Group and various subsidiaries in the
Ivanhoe South Africa Group
----------------------------------------- ----------------------------------
Cazzi Collection CC
----------------------------------------- ----------------------------------
Mr Sergeant's Appendix 3Z "Director's Final Interest Notice"
follows. Mr Koonin's Appendix 3X "Director's Initial Interest
Notice" will be provided in due course.
For more information contact:
John Wallington Chief Executive Officer Coal of Africa +27 11
575 7423
Blair Sergeant Finance Director Coal of Africa +61 893 226
776
Shannon Coates Company Secretary Coal of Africa +61 893 226
776
Chris Sim Nominated Adviser Evolution Securities +44 20 7071
4300
Jos Simson/Emily Fenton Financial PR Tavistock +44 207 920
3150
Melanie de Nysschen/ Annerie Britz/ JSE Sponsor Macquarie +27 11
583 2000
Yvette Labuschagne
www.coalofafrica.com
ANNEXURE A
As part of his package, and subject to shareholder approval, Mr.
Koonin will be entitled to receive the following issues of the
Company's shares, the final allocation of the second, third, fourth
and fifth tranches of which will be calculated according to the
conditions set out below:
o 175,000 shares following 12 months service;
o up to 350,000 shares following 24 months service;
o up to 350,000 shares following 36 months service;
o up to 350,000 shares following 48 months service;
o up to 350,000 shares following 60 months service.
The allocation of the above mentioned shares is subject to the
following capital performance conditions:
o an international investment bank will be requested to provide
a list of six peer group companies at the start of each 12 month
service period;
o the average share price growth over the ensuing 12 months for
these peers will be calculated and used as the base measure to
determine the Finance Director's share allocation;
o the percentage allocation of CoAL shares to the Finance
Director will be calculated using the CoAL share price weighted
average for the month preceding the end of the 12 month period:
Capital growth (share price) as
compared to average of six peer
group companies Share allocation
---------------------------------- -----------------
0-5% higher than average 20%
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5-10% higher 40%
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10-15% higher 60%
---------------------------------- -----------------
15-20% higher 80%
---------------------------------- -----------------
20-25% higher 90%
---------------------------------- -----------------
25% or more 100%
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This information is provided by RNS
The company news service from the London Stock Exchange
END
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